Reckitt’s Review of Food Assets Next Step in Its Pricing Power Transformation; Valuation Unchanged
On April 3, 2017, Reckitt Benckiser confirmed media reports that it is carrying out a strategic review of its food business. This is consistent with our thesis that management is building a strong consumer product portfolio, and we would regard a sale of the food segment as a sensible step towards deleveraging from the Mead Johnson acquisition. We maintain our GBX 7,000 fair value estimate for the time being, but we may review our narrow moat rating if the firm disposes of the food business, as ...
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